Diversity in the workplace has been a frequent topic that has spanned every industry, but…
Here’s why Talent Attraction is a vital investment for your organization
“The times of reactive hiring are over. The most successful organizations don’t wait for candidates to apply, they recruit straight from their talent funnel.”
– Michelle Fee Maier, CEO, Wintrgarden
Every organization is only as good as the employees that it hires. As a Talent Acquisition professional, your responsibility is to get that amazing talent through the door and even more importantly, retain them. Talent Acquisition professionals like you have many incredible tactics to implement, but getting approval for those ideas often isn’t that simple. While employers are now seeing that Talent Attraction is a high priority for most organizations, it is rarely considered top priority when budgets are allocated.
Now more than ever, enticing and retaining top talent is crucial in the midst of COVID-19. With the Great Resignation looming, 40% of surveyed employees said they were at least somewhat likely to quit their job in the next 3 to 6 months. So, how do you justify the value of Employer Branding and Talent Attraction to your organization? Here are 3 key ways to convince your organization that investing in Employer Branding and Talent Attraction is a no brainer:
Measure your Employer Branding efforts
Employer Branding is more than just the number of job applicants from your applicant tracking system, or the number of followers you have on social media. One of the easiest ways to calculate the results of your branding efforts is to measure your website traffic after a campaign. Discover which channels generated the most engagement, and where candidates spent the most time on a page. If you want to get more specific about your spend, you can calculate the cost per view by dividing the cost of the campaign by the number of impressions. Then, you can monitor where this traffic comes from and allocate budget to the channels that are most efficient.
Another method to measure the health of your Employer Branding is to maintain a long-term talent pipeline. This is a reliable indicator of overall interest and awareness of your organization, and can help identify which channels generate your target talent leads. Powerful Talent Relationship Management tools like Wintrgarden can help you manage and engage your talent pipeline, while tracking campaign engagement through KPIs like click-thru rates and ultimately, the conversion rate of top talent into new hires.
Define the value of Talent Attraction
Here’s a question for you: What is the value of your work? Quantifying and showcasing your daily efforts can help you build a case and get buy-in for further investments.
Within your organization, identify which key job positions that you would need to fill today and in the future. Once you’ve defined that, calculate how many bodies you have today, compared to how many you’ll need in the next 1-2 years. This is your talent need gap.
Then, calculate the cost of having one of these positions unfilled for 1 month, and multiply this by the talent need gap. This calculation indicates a direct loss within the organization and creates a sense of urgency to fill critical positions as fast as possible.
To really top it off: Consider the financial benefit of cutting time to hire by half. (Hint: It also means half the cost!) This is a strong case to justify that your Talent Attraction initiatives are worth investing in, and there’s numbers to prove it.
Calculate the cost of losing key employees
According to a Gallup study, satisfied employees lead to a 20% increase in productivity. A strong internal brand can nurture a healthy working environment of happy employees referring their colleagues and other similar individuals to join the team and even better, retain them for longer than non-referred talent.
Internal employer brand is just as important as the external employer brand. According to LinkedIn, employee turnover can be reduced by 28% if the internal perception of your organization is true to the external communications. Do you walk the walk and talk the talk both internally and externally? Do an internal survey to discover if your external messaging matches your internal processes, and see if there are ways to improve as an organization to ensure that both sides of the company are aligned with each other. Preventing your key employees from leaving the organization is a key indicator of your Employer Branding efforts.
With that said, don’t bend over backwards to keep all of your employees to stay with the company. A healthy level of employee turnover allows for fresh ideas and diverse voices to come to the table!
These 3 methods can quantify your efforts and convince upper management to prioritize your organizational talent needs with a long-term strategy and budget. With Wintrgarden as your partner in the talent acquisition process, you can focus on your Talent Attraction efforts and justify how much money you’ve saved the organization thanks to your hard work.
As a Talent Acquisition and Employer Branding professional, continuously measure the results of all your activities so that you can justify your work whenever the discussion arises. Moreover, this allows you to build your case over an extended period of time, and earn yourself a strong reputation as a vital component of your organization. Turn talent relations into your competitive edge against your competitors!